Alpha Copper Announces Definitive Agreement to Acquire Okeover Project

VANCOUVER, British Columbia, Sept. 25, 2023 (GLOBE NEWSWIRE) -- Alpha Copper Corp. (CSE: ALCU) (OTC: ALCUF) (FWB: PP0) (“Alpha Copper” or the “Company”), a resource sector enterprise founded to create value through mineral exploration, technical development, and asset acquisition, is pleased to announce that it has entered into a definitive agreement (the “Agreement”) with Northwest Copper Corp. (the “Seller”), pursuant to which it proposes to acquire a 100% undivided legal and beneficial interest in the Okeover Copper (molybdenum) Project (the “Okeover Project”), which encompasses twelve (12) mineral claims comprising approximately 4,613 hectares located in the Province of British Columbia (the “Acquisition”).

Pursuant to the Agreement, the Company has agreed to issue to the Seller that number of common shares of the Company (the “Shares”) having an aggregate value of $500,000 at a deemed price per Share equal to the current market price, to be calculated in accordance with the terms of the Agreement. One-half (50%) of the Shares will be subject to a 12-month lock-up and the Seller has agreed not to sell, dispose of or otherwise transfer the Shares until released from lock-up. The Seller has granted the Company an irrevocable right of first refusal to repurchase the Shares should the Seller decide to sell them in the future. In addition, the Company granted to the Seller a 2% net smelter returns royalty on the Okeover Project (the “Royalty”) subject to the Company’s buyback option of one-half (1%) of the Royalty for an aggregate consideration of $1,000,000. The Shares will also be subject to a statutory hold period in accordance with applicable securities laws. Closing of the Acquisition remains subject to the satisfaction or waiver of various closing conditions, including the receipt of all necessary regulatory approvals, including acceptance by the Canadian Securities Exchange.

About Alpha Copper Corp. (CSE: ALCU) (OTC: ALCUF) (FWB: PP0)

Alpha Copper is focused on contributing to the green economy by finding and developing copper resource assets in stable jurisdictions. The Company is positioned to earn a 60-per-cent interest in the Indata copper-gold project located in north-central British Columbia. After the acquisition of Cavu Energy Metals, the Company holds an option to acquire 100% of the Star copper-gold porphyry project in the Golden Triangle of British Columbia, as well as an option to acquire up to 70% of the Hopper copper-gold porphyry project in the southern Dawson Range copper-gold belt of the southwestern Yukon, and further including the 100% owned Quesnel project in the middle of the Quesnel Trough, host to a number of alkalic copper-gold porphyry deposits running northwest across western British Columbia.